Mori hands MBO work

Osborne Clarke has usurped Mori’s regular corporate adviser, Speechly Bircham, to advise the research company on its secondary management buyout (MBO).

Osborne Clarke corporate partners Ray Berg and Tim Birt won a beauty parade in May 2003 to win the firm its first instructions from Mori. The auction process has dragged on until completion last week. Speechly Bircham worked on Mori’s original MBO, which was financed by 3i venture capital funds, but lost out when 3i exited.

Osborne Clarke has fostered a relationship with Mori chairman Robert Worcester, which was strengthened further when Tanya Shamlian was hired as company secretary after a period with another Osborne Clarke client, United Business Media.

ISIS Equity Partners replaced 3i as principal private equity house and will hold just under 50 per cent of Mori. The majority stake will be held by Mori management and staff.